Turkey is pushing forward with cryptocurrency regulations under new rules for CISPS.
On March 13th, Türkiye's Capital Markets Board (CMB) issued two regulatory documents relating to CASP licensing and operating, including crypto exchanges, administrators and wallet service providers.
The framework allows for full monitoring of CMB's cryptographic platforms and ensures compliance with national and international standards.
It also sets standards and requirements for establishing and providing crypto assets services in Türkiye, including its founding capital, executive history, and shareholder regulations.
More stringent requirements for CASPS
Under this framework, CASPS will need to invest in compliance infrastructure and may face challenges of adapting to a new regulatory environment. Additionally, CASPS must adhere to strict reporting requirements and provide CMB with timely and accurate information about its operations.
According to the documents, Turkey's new cryptocurrency regulations are in line with global standards, with European markets following the regulatory approach set by the Cryptocurrency Regulation (MICA) and the US Securities and Exchange Commission.
The regulations also cover stricter trading requirements for Turkish investors, introducing potentially stable restrictions and addressing the Turkish Decentralized Financial (DEFI) market.
This is a developing story, and more information will be added as it becomes available.
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